Posted on 12/01/2017 11:56:11 PM PST by Jim Robinson
The Senate passed the Tax Cuts and Jobs Act on Thursday, which serves as one of the final steps for Congress to pass historic tax legislation. The Senate passed the Tax Cuts and Jobs Act 51-49, almost entirely along party lines, with Vice President Mike Pence presiding over the vote. Sen. Bob Corker (R-TN) voted against the bill, and 48 Democrats voted against the tax reform legislation as well.
Reluctant Republican senators such as Susan Collins (R-ME) and Jeff Flake (R-AZ) voted for the bill after last minute changes were made. Flake received a commitment from Republican leadership and the White House that they would pursue a permanent solution for the Deferred Action for Childhood Arrivals (DACA) illegal aliens, while Collins received a provision that would keep the deduction for state and local taxes (SALT).
The Senate agreed earlier this month to move forward on the motion, 52-48, to proceed on the Tax Cuts and Jobs Act. The Senate Budget Committee passed tax reform legislation on Tuesday, even after Sen. Bob Corker (R-TN) and Sen. Ron Johnson (R-WI) expressed skepticism about the bill’s current form. Corker reported that he was reassured about the Senate bill including a “fiscal trigger” that will dial back the tax cuts should the tax bill fall short of revenue projections.
The Senate bill retains the current income tax system’s seven brackets, while the House version collapses the seven brackets into four. The wealthiest Americans would have their income tax fall to 38.5 percent, while the lowest tax bracket will fall to ten percent. Similar to the House tax bill, the Senate version will double the standard deduction for individuals to $12,000, and $24,000 for married couples. The Senate bill also raises the child tax credit from $1,000 per child to $1,650.
(Excerpt) Read more at breitbart.com ...
That, ALONE, is just about worth it.
Anybody sick of winning yet?
Don’t tell anyone, but that’s basically a repeal of Obamacare. Make it toothless and it will starve to death.
7 brackets? This is just tinkering, not reform.
Jeff Flake got a concession that the Senate will pursue “a permanent solution for the Deferred Action for Childhood Arrivals (DACA) illegal aliens”.
I wonder if the senator got a clear definition of ‘permanent solution’. (I hope it means that the ‘dear little ones’ will get a permanent deportation solution.)
I’ll hold the celebration to see the end result that lands on Trump’s desk. Republicans in Congress are too likely to roll on key provisions, plus it is a bit fuzzy at the moment anyway.
Do they need to do a reconciliation vote?
Will that continue to be eliminated if they have to do a reconciliation vote?
Let’s see what reconciliation brings
I’d be happy for them to get the corporate down, to get offshore money back, and eliminate the death tax. Everything beyond that is a bonus
Then when we get rid of Yertle and Jon Ossoff’s body double maybe we can real reform....like a fair tax
Say it ain’t so, that Senate bill delays 20 percent corporate tax until effect to 2019?
If so Wall street is going down.
Also, Manchin and Heitcamp voted no. Chase them out of office, no dem voted for tax cuts.
Here’s hoping that the House/Senate Conference produces, even, better Tax Reform Legislation!
Stock market would have crucified the senate repubs if they did not pass something by years end
But this should be once and for all good news for the economy which should ensure a second trump term presuming the deep state does not try to pull. another jfk
But we should never be satisfied until the IRS is abolished for all time, its every office razed to the ground, the wreckage burned to cinders and the ground sown with salt.
No anticipated revenue for politicians to count on. Make the government tighten its belt like the rest of us.
And wipe out the income brackets. Let whatever method is used - income, sales tax, anything else - be applied fairly and equally across the board. Take away the class division that the liberals constantly exploit.
If he can pull all that off in the next seven years, Trump will have earned that last spot on Mount Rushmore.
Still, this is a good start.
Good on Obamacare mandate, but I don’t believe this is really reform. The GOPe watered it down. SALT allows high tax states to keep it up at Federal expense. Where’s the 15% tax Trump wanted for business?
So is raising the standard deductions while eliminating the exemptions. Also, maxing out property tax deductions at $10,000 is almost pointless for couples filing jointly. What other deductions are going to get them over the $24,000 standard deduction for joint filing?
“The Senate bill also raises the child tax credit from $1,000 per child to $1,650.”
I think this is wrong. It is my understanding that the child tax credit goes to $2000.00 under the Senate Bill. I think the $300.00 per adult dependent, filer and spouse is retained from the House bill (family tax credit). Trying to find text of Senate bill to verify.
This article says the credit for non-child dependents is $500.00 in the Senate bill.
http://money.cnn.com/2017/11/28/news/economy/senate-revised-tax-bill/index.html
I am not at all enthused about this bill...
we will be lectured in about 2 yrs about the homeless starving, and the children hungry, and the schools falling down as well as bridges and dam all because they gave us this liddle bitty extra tax money BACK from when they took it in the first place..
without lower tax rates, why bother with this bill....we may pay more, we may pay a little less....at least they could have lowered the tax rates..
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